On the day of the great listing of two IPOs, ie today, the Sensex and Nifty have seen a record percentage decline of two months. Today Sensex-Nifty has broken more than 1 percent. Meanwhile, the trend of the bulls seems to be moving towards the primary market.
Shares of GR Infraprojects and Clean Science & Technology, which were listed today, have doubled the wealth of investors on the day of listing. GR Infraprojects closed up 108 per cent and Clean Science & Technology 76 per cent today.
S Ranganathan of LKP Securities It is said that today was clearly the name of the primary market. GR Infraprojects and Clean Science & Technology investors have made impressive listing gains. He further said that despite the decline in the Sensex Nifty, some pockets of the broader market saw good growth. In this, the shares associated with broking contributed significantly. On the other hand, HDFC Group companies saw profit recovery today.
Sumit Bagadiya of Choice Breaking Says that from a technical point of view, Nifty has confirmed the Hanging Man candlestick pattern along with forming Doji candlestick pattern. Which is indicating the market movement tomorrow to remain negative.
What was the reason for the fall in the market
Weakness was seen in Asian markets amid rising inflation and rising cases of corona. On the other hand, HDFC’s weak results in the domestic market showed a negative impact on banking stocks.
Vinod Nair of Geojit Financial Services Says that taking cues from global markets, concerns related to rising inflation, FOMC meet to be held next week and rising cases of corona dominated the Indian market too. Banking stocks led the decline today due to the negative impact on asset quality in the first quarter due to Corona. Apart from this, selling in the global market was seen on fears of cut in the growth forecast in the current year due to contraction in economic growth in the US.
What is the investment strategy in the market on Tuesday
Chandan Tapadia of Motilal Oswal Financial Services Says that Nifty closed close to its opening level with a fall of 170 points today. It lost all its gains of last week today. Nifty has formed a Doji candle on the daily scale with long shadows at both ends and has negated the higher, higher/lower formation of the last five trading sessions. He further said that if Nifty has to move towards 15,900 and 16,000 then it has to stay above 15,750. On the downside, support is visible for Nifty at 15,700 and 15,600 levels.
Rohit Singre of LKP Securities Says that Nifty has once again returned to the consolidated range of 15,600-16,000 and we may see sideways trading for a few days ahead. If Nifty sustains above 15,600-15,700 then we can see pull back towards 15,800-15,900.
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